Death Benefit Qualification Test. In order for your policy to be classified as life insurance under the Code, it must satisfy one of two Death Benefit Qualification Tests. Unless you have elected otherwise, the Death Benefit Qualification Test for this policy is the Guideline Premium Test. The Death Benefit Qualification Test for this policy appears in the Policy Specifications. It may not be changed for the life of the contract. The two Death Benefit Qualification Tests are explained in this subsection.
Appears in 5 contracts
Samples: Insurance Policy (Pacific Select Exec Separate Account of Pacific Life & Annui), Insurance Policy (Pacific Select Exec Separate Account of Pacific Life & Annui), Insurance Policy (Pacific Select Exec Separate Account of Pacific Life & Annui)
Death Benefit Qualification Test. In order for your policy to be classified as a “life insurance contract” under the Code, it must at all relevant times satisfy one of two Death Benefit Qualification Tests. The policy provides a minimum death benefit amount, as needed, for the policy to qualify under either of the Tests. Unless you have elected otherwiseotherwise in the application, the Death Benefit Qualification Test for that applies to this policy is the Guideline Premium Test. The Death Benefit Qualification Test for this policy appears in the Policy Specifications. It may not be changed for the life of the contractthis policy. The two Death Benefit Qualification Tests and the Minimum Death Benefit amounts applicable to each are explained in this subsection.
Appears in 5 contracts
Samples: Insurance Policy (Pacific Select Exec Separate Account of Pacific Life & Annui), Life Insurance Policy (Pacific Select Exec Separate Acct Pacific Life Ins), Life Insurance Policy (Pacific Select Exec Separate Acct Pacific Life Ins)
